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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Schedule of Provision for Income Tax
The provision for income tax was as follows:
Expense (recovery)2024

2023

2022
Current corporate income tax – North America (1)
$1,654 

$1,853 $2,789 
Current corporate income tax – North Sea(41)(6)69 
Current corporate income tax – Offshore Africa57 

73 74 
Current PRT (2) – North Sea
(134)

(58)(42)
Other taxes(5)

17 16 
Current income tax 1,531 1,879 2,906 
Deferred corporate income tax520 

267 302 
Deferred PRT (2) – North Sea
(98)

(214)(441)
Deferred income tax422 53 (139)
Income tax$1,953 $1,932 $2,767 
(1)Includes North America Exploration and Production, Oil Sands Mining and Upgrading, and Midstream and Refining segments.
(2)Petroleum Revenue Tax.
Schedule of Provision for Income Tax Reconciliation
The provision for income tax is different from the amount computed by applying the combined statutory Canadian federal and provincial income tax rates to earnings before taxes. The reasons for the difference are as follows:
 
2024

2023

2022
Canadian statutory income tax rate
23.2%

23.3%

23.2%
Income tax provision at statutory rate
$1,870 

$2,364 

$3,180 
Effect on income taxes of:

 

 
UK PRT and other taxes(237)

(255)

(467)
Impact of UK PRT and other taxes on corporate income tax95 

105 

190 
Foreign and domestic tax rate differentials(112)

(104)

(203)
Non-taxable portion of capital loss (gains)114 

(35)

65 
Stock options exercised for common shares41 

91 

159 
Revisions arising from prior year tax filings43 

(174)

(186)
Change in unrecognized capital loss carryforward asset114 

(35)

65 
Other25 

(25)

(36)
Income tax
$1,953 

$1,932 

$2,767 
Summary of Major Temporary Differences, Movements in Deferred Tax Assets and Liabilities, and Net Deferred Income Tax Liability
The following table summarizes the temporary differences that give rise to the net deferred income tax liability:
 
2024

2023
Deferred income tax liabilities
 

 
Property, plant and equipment and exploration and evaluation assets
$12,647 

$12,172 
Lease assets
316 

336 
Investments
— 

54 
Investment in North West Redwater Partnership
908 

904 
Taxable PRT for corporate income tax
336 256 
Other
92 

41 
 
14,299 13,763 
Deferred income tax assets
  
Asset retirement obligations
(2,437)

(2,098)
Lease liabilities
(332)(356)
Share-based compensation
(35)(31)
Loss carryforwards
(36)

(417)
Unrealized foreign exchange loss on long-term debt
(125)

(39)
Deferred PRT
(795)

(639)
 
(3,760)(3,580)
Net deferred income tax liability
$10,539 $10,183 
Movements in deferred tax assets and liabilities recognized in net earnings during the year were as follows:
 2024

2023

2022
Property, plant and equipment and exploration and evaluation assets$443 

$196 

$(334)
Lease assets(22)

1 

(15)
Unrealized foreign exchange on long-term debt(86)

28 

(81)
Unrealized risk management activities(1)

— 

(12)
Asset retirement obligations(279)

(292)

(74)
Lease liabilities26 (3)11 
Share-based compensation(4)2 (11)
Loss carryforwards381 

235 

618 
Investments(54)

(2)

21 
Investment in North West Redwater Partnership4 

1 

53 
Deferred PRT58 

86 

(441)
Taxable PRT for corporate income tax(98)

(214)

176 
Other54 

15 

(50)
 $422 $53 $(139)
The following table summarizes the movements of the net deferred income tax liability during the year:
 
2024

2023

2022
Balance – beginning of year
$10,183 

$10,114 

$10,220 
Deferred income tax expense (recovery)
422 

53 

(139)
Foreign exchange adjustments
(66)

16 

33 
Balance – end of year
$10,539 $10,183 $10,114